RETURNS OF LAND

Hauraki Plains Gazette, Volume 50, Issue 3056, 31 March 1941, Page 5

RETURNS OF LAND

DUTY IMPOSED. BY LAW

PENALTY FOR NEGLECT

TO BE COMPLETED BY APRIL 11

Furnishing a return of land is an annual duty imposed by law upon all landowners who at noon on March 31 hold land of an unimproved value according to the Government valuation in of £5OO. The unimproved value is the value of the land exclusive of buildings, fencing, and other improvements. Forms are obtainable at all post Offices. Details of the land held at March 31, 1941, should be entered in Part 3 of the form;- Under Part 1 particulars of registered mortgages and unpaid purchase-fmoney should be shown each year irrespective of whether any change has taken place or not. The return should be completed and returned. to the Commissioner of Taxes,' Wellington C. 3, on or before April 11.

Any person neglecting to furnish a return is liable to a penalty not exceeding £lOO. Neglect to furnish returns at the prescribed time not only ■renders taxpayers liable to prosecution but also in many ..cases for considerably more tax than would otherwise be payable.

The Act provides for an exemption in respect of registered mortgages or balances of purchase-money in certain circumstances, but to obtain the exemption it is essential that a return showing particulars of mortgages owing should be furnished. The Land and Income Tax Department cannot assume that mortgages are owing, and in the absence of a return the assessment is made as though the land were unencumbered. The tax assessed in these cases may be in excess of the amount which would be payable if the return had. been furnished.

All persons liable to furnish returns are therefore advised' in their own interests to forward their returns on or before the above date.